Home Purchases
Curious about the home purchasing process? Here's a step-by-step so you know what to expect!
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Home Purchases
Curious about the home purchasing process? Here's a step-by-step so you know what to expect!
Step 1: Evaluate your financial position
The first step is for you to go through your current financial circumstance. Do you currently own? Are you currently renting? Are you comfortable with your current rental payments or struggling to make ends meet? Can you afford more? How much do you have in savings? What can you reasonably put together for a down payment? Does this leave you with money to put aside for closing costs? How's your credit? Have you been diligent about making your monthly payments on time (every time), and keeping your utilization low? Do you have a stable income?
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Once you've had a chance to assess your financial situation, you can establish a budget, and find out what you can realistically afford each month. You can do this using my free Mortgage Planning app: https://www.maapp.ca/app/nadia-bove, or give me a call! I would be happy to help you with this step. This is a great starting point.
Step 2: Get pre-approved
Now, step 1 can actually be step 1 and 2 merged. In this case, you can skip step 1 on your own, and instead, you and I will have a call (over zoom) to go over your financial situation together, along with what your future plans are, including what you are hoping to purchase. Once we've gone through all of the above, I'll send you a list of documents that we'll need to verify your information for the lenders. These documents will include (but are not limited to) tax returns, income documents, bank statements, and IDs. The types of income documents you'll need to submit will depend on your employment type. The sooner you get your documents submitted to me, the sooner we can get you pre-approved, secure a rate hold, and know how much you are approved to borrow.